self employed profit/loss

cycloneuk

If I'm self employed in (job 1) and earn 25k profit after expenses, but also have another business (job 2) but job 2 makes a 2k loss. Can I offset that loss and reduce my tax in job 1 so now 23k profit? I presume I can, will tax credits accept this or will they just consider I have earned 25k profit?

ElwoodBlues

Yes tax credits goes off your total taxable income, so you add all the self employment profits together (or subtract a loss). It should match what goes on your self assessment tax return. 

seatbeltnoob

for universal credit, it doesn't matter whether you hAVE 1,2,3,4,5,6,7+ businesses, you put all you income and expenses when you report each month. all the businesses are rolled into one submission.

I would recommend putting all your expenses and incomes in a spreadhseet first and then transfer them line by line onto the UC income form.

So you have a copy of your submission and how you derived at your figures.

In my business I have so many transactions that are disregarded for the report, transfers between accounts, loan repayments (capital element0, payment to DLA, receipt into DLA etc.That I have to go through the statements and isolate the valid incomes/expenses onto the spreadshet.